FBI seizes Polymarket CEO’s devices to allegedly probe potential market manipulation in elections bets News ▸ US ▸ Polymarket ▸ Regulation
FBI seizes Polymarket CEO’s devices to allegedly probe potential market manipulation in elections bets
A source alleged that the seizure aws political move, although neither the reason or the enforcement move were confirmed.
1 min read
Updated: Nov. 14, 2024 at 9:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The FBI seized the phone and electronics of Polymarket CEO Shayne Coplan on Nov. 13, the New York Post reported, citing a source.
According to the report, the source said the government is allegedly trying to accuse Polymarket of market manipulation and rigging its polls in favor of Trump. However, as of press time, there is no confirmation of the source’s claims.
Additionally, the source shared that Coplan was woken at 6:00 A.M. ET by law enforcement agents at his Soho residence, who seized his devices without providing a clear explanation.
The source also highlighted that the government could have requested the devices through Coplan’s attorney rather than staging an early morning seizure.
Allegations of political motivations
The source alleged that the seizure was politically motivated, calling it a “grand political theater at worst” and speculating that authorities targeted Polymarket due to its accurate election outcome prediction. It added:
“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.”
Notably, Polymarket’s predictions were more accurate than mainstream media polls, with Ethereum co-founder Vitalik Buterin praising the platform’s potential as an effective source of information.
Mentioned in this article
Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Polymarket
Polymarket is a decentralized prediction market platform that enables users to bet on world events using cryptocurrency.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Shayne Coplan is an entrepreneur and innovator in the blockchain and decentralized finance (DeFi) space.
